DOWNLOAD ADVISER LEVEL DATA
Adviser Level Data Details:
Investment Adviser Data: We construct a panel data set of Investment Adviser Representatives in the United States over the period 2005 – 2015 .
The data set is constructed using publicly available data from the Security and Exchange Commission’s (SEC) Investment Adviser Public Disclosure (IAPD) Website. The data set includes the employment and disclosure history for investment advisers available from the IAPD. Details on the investment advisers included in the IAPD are available online ( https://www.adviserinfo.sec.gov/# ).
The Investment Adviser Data contains 462 thousand investment adviser representatives over the period 2005-2015. This data set is different than what was used in Egan, Matvos and Seru (2017) (Note: Egan, Seru and Matvos, 2017 data set was used to construct the firm, state, and county statistics on this website). While the datasets cover different sets of individuals (see more details below), inferences obtained from using Investment Adviser Data are very similar to that obtained from dataset in Egan, Matvos and Seru 2017.
More Details on Advisers:
There are two types of individuals who often refer to themselves as “financial advisers”: Investment Adviser Representatives and Registered Representatives (“Brokers”). Although both Investment Adviser Representatives and Registered Representatives are often considered “financial advisers,” they have different registration requirements and job functions. The Investment Adviser Data includes individuals registered with either a state and/or the SEC as Investment Adviser Representatives. Egan Matvos and Seru (2017) includes all Registered Representatives registered with the Financial Industry Regulatory Authority (FINRA). Although 90% of the Investment Adviser Representatives in the Investment Adviser Data were also registered with FINRA as Registered Representatives at some point, the two data sets cover a different, non-mutually exclusive, subsets of individuals. More details on this can be found in Egan, Matvos and Seru (2017).